Form 8-K - Current report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

August 3, 2023

Date of Report (Date of earliest event reported)

PLYMOUTH INDUSTRIAL REIT, INC.

(Exact Name of Registrant as Specified in Its Charter)

maryland		001-38106		27-5466153
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

20 Custom House Street, 11th Floor

Boston, MA 02110

(Address of Principal Executive Offices) (Zip Code)

(617) 340-3814

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	PLYM	New York Stock Exchange
7.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share	PLYM-PrA	NYSE American

Item 2.02

Results of Operations and Financial Condition

On August 3, 2023, Plymouth Industrial REIT, Inc. (the “Company”) issued a press release (the “Earnings Release”) announcing, among other things, earnings for the three and six months ended June 30, 2023. The text of the Earnings Release is included as Exhibit 99.1 to this Current Report.

The Earnings Release is furnished pursuant to Item 2.02 and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 7.01

Regulation FD Disclosure.

On August 3, 2023, the Company disclosed a supplemental analyst package in connection with its earnings conference call for the three and six months ended June 30, 2023, which took place on August 3, 2023. A copy of the supplemental analyst package is attached hereto as Exhibit 99.2.

The supplemental analyst package is furnished pursuant to Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.		Description

99.1		Press Release dated August 3, 2023

99.2		Supplemental Analyst Package – Second Quarter 2023

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	PLYMOUTH INDUSTRIAL REIT, INC.

Date: August 3, 2023	By:	/s/ Jeffrey E. Witherell
		Jeffrey E. Witherell
		Chief Executive Officer

Exhibit 99.1

Contact:

Tripp Sullivan

SCR Partners

(615) 942-7077

IR@plymouthreit.com

PLYMOUTH INDUSTRIAL REIT REPORTS SECOND QUARTER RESULTS

BOSTON, August 3, 2023 – Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the “Company”) today announced its financial results for the second quarter ended June 30, 2023 and other recent developments.

Second Quarter and Subsequent Highlights

Reported results for the second quarter of 2023 reflect a net loss attributable to common stockholders of $(0.08) per weighted average common share; Core Funds from Operations attributable to common stockholders and unit holders (“Core FFO”) of $0.46 per weighted average common share and units; and Adjusted FFO (“AFFO”) of $0.42 per weighted average common share and units.

Same store NOI (“SS NOI”) increased 3.5% on a GAAP basis excluding early termination income for the second quarter compared with the same period in 2022; increased 6.0% on a cash basis excluding early termination income. SS NOI increased 3.6% on a GAAP basis excluding early termination income for the first six months of 2023 compared with the same period in 2022; increased 7.5% on a cash basis excluding early termination income.

Commenced leases during the second quarter experienced a 19.3% increase in rental rates on a cash basis from leases greater than six months with new leases experiencing a 36.0% increase on a cash basis and renewal leases experiencing an 11.2% increase on a cash basis. Through July 31, 2023, executed leases scheduled to commence during the second half of 2023 total an aggregate of 2,310,149 square feet, all of which are associated with terms of at least six months. The Company will experience a 23.1% increase in rental rates on a cash basis from these leases.

Issued approximately 1.2 million common shares through its ATM program at an average price of $23.05 per share, raising approximately $27.1 million in net proceeds.

Announced the redemption of all outstanding shares of the 7.50% Series A Cumulative Redeemable Preferred Stock on September 6, 2023 for a total redemption payment of $48.8 million.

Paid a regular quarterly cash dividend for the second quarter of 2023 of $0.225 per share for the common stock and a regularly quarter cash dividend of $0.46875 per share for the Preferred Stock.

Affirmed the full year 2023 guidance range for Core FFO of $1.84 to $1.86 per weighted average common share and units previously issued on February 23, 2023 and adjusted the range of net loss of $(0.17) to $(0.15) per weighted average common share and units as well as several of its accompanying guidance assumptions.

Jeff Witherell, Chairman and Chief Executive Officer of Plymouth Industrial REIT, noted, “We are making great progress on our objectives with over 88% of lease expirations already addressed for 2023, and we are well ahead of expectations on the 2024 lease expirations. Strategic utilization of our ATM program and visibility into near-term, one-off dispositions allowed us to announce the redemption of our remaining preferred stock. This redemption, along with strong organic growth and contributions from the development program, improve the balance sheet. With an estimated rental rate mark-to-market of 18% to 20% across our portfolio, continued rent growth in our markets, and strong operating fundamentals, we are well positioned to continue delivering organic growth.”

Financial Results for the Second Quarter of 2023

Net loss attributable to common stockholders for the quarter ended June 30, 2023 was $3.6 million, or $(0.08) per weighted average common share outstanding, compared with $6.6 million, or $(0.17) per weighted average common share outstanding, for the same period in 2022. The net loss decreased year-over-year primarily due to an increase in net operating income, partially offset by increased interest expense resulting from higher interest rates and acquisition activity. Weighted average common shares outstanding for the second quarters ended June 30, 2023 and 2022 were 42.6 million and 39.1 million, respectively.

Consolidated total revenues for the quarter ended June 30, 2023 were $49.9 million, compared with $45.6 million for the same period in 2022.

NOI for the quarter ended June 30, 2023 was $34.2 million compared with $31.8 million for the same period in 2022. Same store NOI (“SS NOI”) excluding early termination income – GAAP basis for the quarter ended June 30, 2023 was $30.5 million compared with $29.5 million for the same period in 2022, an increase of 3.5%. SS NOI excluding early termination income – Cash basis for the quarter ended June 30, 2023 was $29.8 million compared with $28.2 million for the same period in 2022, an increase of 6.0%. SS NOI for the second quarter was positively impacted by rent escalations and renewal and new leasing spreads. The same store portfolio is comprised of 183 buildings totaling 31.0 million square feet, or 90.5% of the Company’s total portfolio, and was 98.9% occupied as of June 30, 2023.

EBITDAre for the quarter ended June 30, 2023 was $30.4 million compared with $27.7 million for the same period in 2022.

Core FFO for the quarter ended June 30, 2023 was $19.9 million compared with $18.6 million for the same period in 2022, primarily as a result of the growth in same-store NOI, contribution from acquisitions and a decrease in preferred stock dividends resulting from the full conversion of the Series B Convertible Stock, partially offset by an increase in interest expense. The Company reported Core FFO for the quarter ended June 30, 2023 of $0.46 per weighted average common share and unit compared with $0.47 per weighted average common share and unit for the same period in 2022. Weighted average common shares and units outstanding for the second quarters ended June 30, 2023, and 2022 were 43.5 million and 39.9 million, respectively.

AFFO for the quarter ended June 30, 2023 was $18.5 million, or $0.42 per weighted average common share and unit, compared with $16.5 million, or $0.41 per weighted average common share and unit, for the same period in 2022. The results reflected the aforementioned changes in Core FFO and a reduction in recurring capital expenditures.

See “Non-GAAP Financial Measures” for complete definitions of NOI, EBITDAre, Core FFO and AFFO and the financial tables accompanying this press release for reconciliations of net income to NOI, EBITDAre, Core FFO and AFFO.

Liquidity and Capital Markets Activity

As of July 31, 2023, the Company’s current cash balance was approximately $12.4 million, excluding operating expense escrows of approximately $6.7 million, and it has approximately $287.5 million of capacity under the existing unsecured line of credit.

During the second quarter and to date in the third quarter, the Company issued approximately 1.2 million common shares through its ATM program at an average price of $23.05 per share, raising approximately $27.1 million in net proceeds.

On August 2, 2023, the Company announced that on September 6, 2023 it will redeem all of its outstanding 7.50% Series A Cumulative Redeemable Preferred Stock for a total redemption payment of $48.8 million. The Preferred Stock will be redeemed in cash at a redemption price equal to $25.00 per share. On September 6, 2023, a dividend in the amount of $0.34647 per share of Series A Preferred Stock will be paid in cash to holders of record at the close of business on August 25, 2023. On and after the redemption date, the shares of Series A Preferred Stock will no longer be deemed outstanding, and no further dividends will be declared or payable on them. Upon redemption, the shares of Preferred Stock will be delisted from trading on the NYSE American.

Investment Activity

As of June 30, 2023, the Company had real estate investments comprised of 210 industrial buildings totaling 34.2 million square feet.

Plymouth has three projects totaling 260,322 square feet remaining in the current phase of its development program with approximately 87% of the expected $23.9 million in development costs funded as of June 30, 2023. In Jacksonville, Florida, two industrial buildings totaling 80,322 square feet are expected to be completed in the third and fourth quarters of 2023. These buildings are fully leased. In Atlanta, a 180,000-square-foot industrial building is expected to be completed in the third quarter of 2023.

Leasing Activity

Leases commencing during the second quarter ended June 30, 2023 totaled an aggregate of 2,103,095 square feet, all of which are associated with terms of at least six months. The Company will experience a 19.3% increase in rental rates on a cash basis from these leases. These leases included 662,930 square feet of new leases with a 36.0% increase in rental rates on a cash basis and 1,440,165 square feet of renewal leases (11.4% of these leases were associated with contractual renewals) with an 11.2% increase in rental rates on a cash basis. Consistent with the Company’s full year 2023 forecast, occupancy was 98.0% and reflects budgeted roll-over that has been largely addressed as well as recent new developments now in service.

Through July 31, 2023, executed leases scheduled to commence in the second half of 2023 total an aggregate of 2,310,149 square feet, all of which are associated with terms of at least six months. The Company will experience a 23.1% increase in rental rates on a cash basis from these leases. These leases included 566,784 square feet of new leases with a 24.5% increase in rental rates on a cash basis and 1,743,365 square feet of renewal leases (7.0% of these leases were associated with contractual renewals) with a 22.6% increase in rental rates on a cash basis.

The Company has already leased 1,717,325 square feet of space that will commence during 2024, all of which are associated with terms of at least six months. The Company will experience a 14.6% increase in rental rates on a cash basis from these leases. These leases included 346,564 square feet of new leases with a 43.7% increase in rental rates on a cash basis and 1,370,761 square feet of renewal leases (52.7% of these leases were associated with contractual renewals) with an 8.7% increase in rental rates on a cash basis for these leases.

Quarterly Distributions to Stockholders

On July 31, 2023, the Company paid a regular quarterly common stock dividend of $0.225 per share for the second quarter of 2023 to stockholders of record on June 30, 2023.

On June 30, 2023, the Company paid a regular quarterly cash dividend of $0.46875 per share for the Preferred Stock for the second quarter of 2023 to stockholders of record on June 15, 2023.

Guidance for 2023

Plymouth affirmed its full year 2023 guidance ranges for Core FFO per weighted average common share and units previously issued on February 23, 2023 and adjusted its ranges for net loss per weighted average common share and units as well as several of its accompanying guidance assumptions, which can be found in the tables below.

(Dollars, shares and units in thousands)	Full Year 2023 Range¹
	Low		High
Core FFO attributable to common stockholders and unit holder per share	$	1.84	$	1.86
Same Store Portfolio NOI growth – cash basis²		7.25%		7.75%
Average Same Store Portfolio occupancy – full year		98.4%		98.8%
General and administrative expenses³	$	15,900	$	15,500
Interest expense, net	$	39,600	$	39,000
Weighted average common shares and units outstanding⁴		44,046		44,046

Reconciliation of net loss attributable to common stockholders and unit holders per share to Core FFO guidance:

	Full Year 2023 Range¹
	Low			High
Net loss	$	(0.17	)	$	(0.15	)
Add: Real estate depreciation & amortization		2.07			2.07
Less: Preferred stock dividends		(0.06	)		(0.06	)
Core FFO	$	1.84		$	1.86

Our 2023 guidance refers to the Company's in-place portfolio as of July 31, 2023, the redemption of the Series A Cumulative Redeemable Preferred Stock and an anticipated property disposition at the end of the third quarter of 2023 representing a total contract price of approximately $19.9 million. The disposition is subject to customary closing conditions. As such, there can be no assurance that we will complete the disposition. Our 2023 guidance does not include prospective acquisitions, additional dispositions, or additional capitalization activities that have not closed.

The Same Store Portfolio consists of 183 buildings aggregating 30,989,249 rentable square feet, representing approximately 91% of total in-place portfolio square footage. The Same Store projected performance reflects an annual NOI on a cash basis, excluding termination income.

Includes non-cash stock compensation of $3.0 million for 2023.

As of July 31, 2023, the Company has 44,744,983 common shares and units outstanding.

Earnings Conference Call and Webcast

The Company will host a conference call and live audio webcast, both open for the general public to hear, later today at 9:00 a.m. Eastern Time. The number to call for this interactive teleconference is (844) 784-1727 (international callers: (412) 717-9587). A replay of the call will be available through August 10, 2023, by dialing (877) 344-7529 and entering the replay access code, 1402326.

The live audio webcast of the Company’s quarterly conference call will be available online in the Investor Relations section of the Company’s website at ir.plymouthreit.com. The online replay will be available approximately one hour after the end of the call and archived for approximately 90 days.

About Plymouth

Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.

Forward-Looking Statements

This press release includes “forward-looking statements” that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release, which are not strictly historical statements, including, without limitation, statements regarding management's plans, objectives and strategies, constitute forward-looking statements. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statement, many of which may be beyond our control, including, without limitation, those factors described under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

PLYMOUTH INDUSTRIAL REIT, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

UNAUDITED

(In thousands, except share and per share amounts)

	June 30,			December 31,
	2023			2022
Assets
Real estate properties	$	1,571,334		$	1,555,846
Less accumulated depreciation		(239,306	)		(205,629	)
Real estate properties, net		1,332,028			1,350,217

Cash		19,010			11,003
Cash held in escrow		12,498			13,376
Restricted cash		7,009			6,834
Deferred lease intangibles, net		60,304			70,718
Interest rate swaps		31,180			30,115
Other assets		38,631			39,055
Total assets	$	1,500,660		$	1,521,318

Liabilities, Preferred Stock and Equity
Liabilities:
Secured debt, net		386,191			389,531
Unsecured debt, net		447,655			447,345
Borrowings under line of credit		87,500			77,500
Accounts payable, accrued expenses and other liabilities		70,492			72,551
Deferred lease intangibles, net		7,179			8,918
Financing lease liability		2,260			2,248
Total Liabilities		1,001,277			998,093

Preferred stock, par value $0.01 per share, 100,000,000 shares authorized,
Series A; 1,953,783 and 1,955,513 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively (aggregate liquidation preference of $48,845 and $48,888 at June 30, 2023 and December 31, 2022, respectively)		46,803			46,844

Equity:
Common stock, $0.01 par value: 900,000,000 shares authorized; 43,100,864 and 42,849,489 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively		431			428

Additional paid in capital		616,414			635,068
Accumulated deficit		(200,147	)		(194,243	)
Accumulated other comprehensive income		30,792			29,739
Total stockholders' equity		447,490			470,992
Non-controlling interest		5,090			5,389
Total equity		452,580			476,381
Total liabilities, preferred stock and equity	$	1,500,660		$	1,521,318

PLYMOUTH INDUSTRIAL REIT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

(In thousands, except share and per share amounts)

	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
	2023			2022			2023			2022

Rental revenue	$	49,899		$	45,612		$	99,270		$	88,332
Management fee revenue and other income		—			2			29			88
Total revenues		49,899			45,614			99,299			88,420

Operating expenses:
Property		15,690			13,799			31,644			27,874
Depreciation and amortization		23,417			24,208			47,217			46,899
General and administrative		3,842			4,146			7,289			7,698
Total operating expenses		42,949			42,153			86,150			82,471

Other income (expense):
Interest expense		(9,584	)		(7,925	)		(19,119	)		(14,320	)
Earnings (loss) in investment of unconsolidated joint venture		—			—			—			(147	)
Loss on extinguishment of debt		—			—			—			(2,176	)
(Appreciation) depreciation of warrants		—			—			—			1,760
Total other income (expense)		(9,584	)		(7,925	)		(19,119	)		(14,883	)

Net loss	$	(2,634	)	$	(4,464	)	$	(5,970	)	$	(8,934	)
Less: Net loss attributable to non-controlling interest	$	(30	)	$	(55	)	$	(68	)	$	(115	)
Net loss attributable to Plymouth Industrial REIT, Inc.	$	(2,604	)	$	(4,409	)	$	(5,902	)	$	(8,819	)
Less: Preferred Stock dividends		916			1,320			1,832			3,019
Less: Series B Preferred Stock accretion to redemption value		—			750			—			2,250
Less: Loss on extinguishment of Series A Preferred Stock		—			24			2			24
Less: Amount allocated to participating securities		82			65			170			132
Net loss attributable to common stockholders	$	(3,602	)	$	(6,568	)	$	(7,906	)	$	(14,244	)

Net loss per share attributable to common stockholders	$	(0.08	)	$	(0.17	)	$	(0.19	)	$	(0.38	)

Weighted-average common shares outstanding basic and diluted		42,646,535			39,106,576			42,625,768			37,675,032

Non-GAAP Financial Measures Definitions

Net Operating Income (NOI): We consider net operating income, or NOI, to be an appropriate supplemental measure to net income in that it helps both investors and management understand the core operations of our properties. We define NOI as total revenue (including rental revenue and tenant reimbursements) less property-level operating expenses. NOI excludes depreciation and amortization, general and administrative expenses, impairments, gain/loss on sale of real estate, interest expense, and other non-operating items.

EBITDAre: We define earnings before interest, taxes, depreciation and amortization for real estate in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre represents net income (loss), computed in accordance with GAAP, before interest expense, tax, depreciation and amortization, gains or losses on the sale of rental property, appreciation (depreciation) of warrants, loss on impairments, and loss on extinguishment of debt. We believe that EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company as it is a direct measure of the actual operating results of our industrial properties.

Funds from Operations (“FFO”): Funds from operations, or FFO, is a non-GAAP financial measure that is widely recognized as a measure of REIT operating performance. We consider FFO to be an appropriate supplemental measure of our operating performance as it is based on a net income analysis of property portfolio performance that excludes non-cash items such as depreciation. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values rise and fall with market conditions, presentations of operating results for a REIT, using historical accounting for depreciation, could be less informative. In December 2018, NAREIT issued a white paper restating the definition of FFO. The purpose of the restatement was not to change the fundamental definition of FFO, but to clarify existing NAREIT guidance. The restated definition of FFO is as follows: Net Income (calculated in accordance with GAAP), excluding: (i) Depreciation and amortization related to real estate, (ii) Gains and losses from the sale of certain real estate assets, (iii) Gain and losses from change in control, and (iv) Impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.

We define FFO consistent with the NAREIT definition. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. Other equity REITs may not calculate FFO as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity, and is not indicative of funds available for our cash needs, including our ability to pay dividends.

Core Funds from Operations (“Core FFO”): Core FFO represents FFO reduced by dividends paid (or declared) to holders of our preferred stock, acquisition and transaction related expenses for transactions not completed, and certain non-cash operating expenses such as impairment on real estate lease, appreciation (depreciation) of warrants and loss on extinguishment of debt. As with FFO, our reported Core FFO may not be comparable to other REITs’ Core FFO, should not be used as a measure of our liquidity, and is not indicative of our funds available for our cash needs, including our ability to pay dividends.

Adjusted Funds from Operations (“AFFO”): Adjusted funds from operations, or AFFO, is presented in addition to Core FFO. AFFO is defined as Core FFO, excluding certain non-cash operating revenues and expenses, capitalized interest and recurring capitalized expenditures. Recurring capitalized expenditures include expenditures required to maintain and re-tenant our properties, tenant improvements and leasing commissions. AFFO further adjusts Core FFO for certain other non-cash items, including the amortization or accretion of above or below market rents included in revenues, straight line rent adjustments, non-cash equity compensation and non-cash interest expense.

We believe AFFO provides a useful supplemental measure of our operating performance because it provides a consistent comparison of our operating performance across time periods that is comparable for each type of real estate investment and is consistent with management’s analysis of the operating performance of our properties. As a result, we believe that the use of AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance. As with Core FFO, our reported AFFO may not be comparable to other REITs’ AFFO, should not be used as a measure of our liquidity, and is not indicative of our funds available for our cash needs, including our ability to pay dividends.

PLYMOUTH INDUSTRIAL REIT, INC.

SUPPLEMENTAL RECONCILIATION OF NON-GAAP DISCLOSURES

UNAUDITED

(In thousands, except share and per share amounts)

	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
NOI:	2023			2022			2023			2022
Net loss	$	(2,634	)	$	(4,464	)	$	(5,970	)	$	(8,934	)
General and administrative		3,842			4,146			7,289			7,698
Depreciation and amortization		23,417			24,208			47,217			46,899
Interest expense		9,584			7,925			19,119			14,320
(Earnings) loss in investment of unconsolidated joint venture		—			—			—			147
Loss on extinguishment of debt		—			—			—			2,176
Appreciation (depreciation) of warrants		—			—			—			(1,760	)
Management fee revenue and other income		—			(2	)		(29	)		(88	)
NOI	$	34,209		$	31,813		$	67,626		$	60,458

	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
EBITDAre:	2023			2022			2023			2022
Net loss	$	(2,634	)	$	(4,464	)	$	(5,970	)	$	(8,934	)
Depreciation and amortization		23,417			24,208			47,217			46,899
Interest expense		9,584			7,925			19,119			14,320
Loss on extinguishment of debt		—			—			—			2,176
Appreciation (depreciation) of warrants		—			—			—			(1,760	)
EBITDAre	$	30,367		$	27,669		$	60,366		$	52,701

	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
FFO:	2023			2022			2023			2022
Net loss	$	(2,634	)	$	(4,464	)	$	(5,970	)	$	(8,934	)
Depreciation and amortization		23,417			24,208			47,217			46,899
Depreciation and amortization from unconsolidated joint ventures		—			—			—			268
FFO:	$	20,783		$	19,744		$	41,247		$	38,233
Preferred stock dividends		(916	)		(1,320	)		(1,832	)		(3,019	)
Acquisition expenses		4			150			85			150
Appreciation (depreciation) of warrants		—			—			—			(1,760	)
Loss on extinguishment of debt		—			—			—			2,176
Core FFO	$	19,871		$	18,574		$	39,500		$	35,780

Weighted average common shares and units outstanding		43,526			39,897			43,479			38,449
Core FFO per share	$	0.46		$	0.47		$	0.91		$	0.93

	For the Three Months						For the Six Months
	Ended June 30,						Ended June 30,
AFFO:	2023			2022			2023			2022
Core FFO	$	19,871		$	18,574		$	39,500		$	35,780
Amortization of debt related costs		570			527			1,138			1,032
Non-cash interest expense		158			262			452			906
Stock compensation		716			538			1,301			980
Capitalized interest		(351	)		(142	)		(686	)		(206	)
Straight line rent		(705	)		(904	)		(1,617	)		(1,726	)
Above/below market lease rents		(669	)		(545	)		(1,403	)		(2,091	)
Recurring capital expenditures ⁽¹⁾		(1,092	)		(1,782	)		(2,898	)		(3,455	)
AFFO:	$	18,498		$	16,528		$	35,787		$	31,220

Weighted average common shares and units outstanding		43,526			39,897			43,479			38,449
AFFO per share	$	0.42		$	0.41		$	0.82		$	0.81

(1) Excludes non-recurring capital expenditures of $7,640 and $14,515 for the three months ended June 30, 2023 and 2022, respectively, and $16,053 and $22,804 for the six months ended June 30 2023 and 2022 respectively.

Exhibit 99.2

SECOND QUARTER 2023 SUPPLEMENTAL

Plymouth Industrial REIT, Inc.

Table of Contents

Introduction
Executive Summary		2
Management, Board of Directors, Investor Relations, and Equity Coverage		2
Portfolio Statistics		3
Acquisition Activity		3
Value Creation		4
Development Projects		4
Guidance		5
Financial Information
Same Store Net Operating Income (NOI)		6
Consolidated Statements of Operations		7
Consolidated NOI		8
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)		8
Funds from Operations (FFO), Core FFO & Adjusted Funds from Operations (AFFO)		8
Consolidated Balance Sheets		9
Capital Structure and Debt Summary		10
Capital Markets Activity		10
Net Asset Value Components		11
Operational & Portfolio Information
Leasing Activity		12
Lease Expiration Schedule		12
Leased Square Feet and Annualized Base Rent by Tenant Industry		13
Leased Square Feet and Annualized Base Rent by Type		14
Top 10 Tenants by Annualized Base Rent		15
Lease Segmentation by Size		15
Rentable Square Feet and Annualized Base Rent by Market		16
Total Acquisition and Replacement Cost by Market		16
Appendix
Glossary		17

Forward-Looking Statements: This Supplemental Information contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this Supplemental Information do not constitute guarantees of future performance. Investors are cautioned that statements in this Supplemental Information, which are not strictly historical statements, including, without limitation, statements regarding management's plans, objectives and strategies, constitute forward-looking statements. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statement, many of which may be beyond our control, including, without limitation, those factors described under the captions “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this Supplemental Information, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Definitions and Reconciliations: For definitions of certain terms used throughout this Supplemental Information, including certain non-GAAP financial measures, refer to the Glossary on pages 17-18. For reconciliations of the non-GAAP financial measures to the most directly comparable U.S. GAAP measures, refer to page 8.

Plymouth Industrial REIT, Inc.

Executive Summary

Company overview: Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment trust company focused on the acquisition, ownership, and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.

Management, Board of Directors, Investor Relations, and Equity Coverage

Corporate	Investor Relations	Transfer Agent

20 Custom House Street, 11th Floor	Tripp Sullivan	Continental Stock Transfer & Trust Company
Boston, Massachusetts 02110	SCR Partners	1 State Street, 30th Floor
617.340.3814	615.942.7077	New York, NY 10004
www.plymouthreit.com	IR@plymouthreit.com	212.509.4000

Executive Management

Jeffrey E. Witherell	Anthony J. Saladino	James M. Connolly	Lyndon J. Blakesley
Chief Executive Officer	Executive Vice President	Executive Vice President	Senior Vice President
and Chairman	and Chief Financial Officer	Asset Management	and Chief Accounting Officer

Benjamin P. Coues	Anne A. Hayward	Daniel Hefferman	Scott L. Robinson
Senior Vice President	Senior Vice President	Senior Vice President	Senior Vice President
and Head of Acquisitions	and General Counsel	Asset Management	Corporate Development


Board of Directors

Philip S. Cottone	Richard J. DeAgazio	David G. Gaw	John W. Guinee
Independent Director	Independent Director	Lead Independent Director	Independent Director

Caitlin Murphy	Pendleton P. White, Jr.	Jeffrey E. Witherell
Independent Director	Director	Chief Executive Officer
		and Chairman

Equity Research Coverage¹

Baird	BNP Paribas Exane	Colliers Securities	KeyBanc Capital Markets
Nicholas Thillman	Nate Crossett	Barry Oxford	Todd Thomas
414.298.5053	646.725.3716	203.961.6573	917.368.2375

BMO Capital Markets	B Riley Securities	JMP Securities	J.P. Morgan
John Kim	Bryan Maher	Mitch Germain	Mike Mueller
212.885.4115	646.885.5423	212.906.3537	212.622.6689

			Truist Securities
			Anthony Hau
			212.303.4176

Investor Conference Call and Webcast:
The Company will host a conference call and live audio webcast, both open for the general public to hear, on August 3, 2023 at 9:00 a.m. Eastern Time. The number to call for this interactive teleconference is (844) 784-1727 (international callers: (412) 717-9587). A replay of the call will be available through August 10, 2023 by dialing (877) 344-7529 and entering the replay access code, 1402326.

1) The analysts listed provide research coverage on the Company. Any opinions, estimates or forecasts regarding the Company's performance made by these analysts are theirs alone and do not represent opinions, estimates or forecasts by the Company or its management. The Company does not by reference above imply its endorsement of or concurrence with such information, conclusions or recommendations.

Page 2

Plymouth Industrial REIT, Inc.

Portfolio Statistics

Unaudited ($ in thousands, except Cost/SF) as of 6/30/2023

Portfolio Snapshot		Portfolio Growth ($ in millions)

Number of Properties	157
Number of Buildings	210
Square Footage	34,228
Occupancy	98.0%
WA Lease Term Remaining (yrs.)¹	3.5
Total Annualized Base Rent (ABR)²	$147,994
Rental Rate Increase - Cash Basis³	19.3%
Q2 Rent Collections	99.6%

Acquisition Activity

Acquisitions

Location	Acquisition Date	# of Buildings	Purchase Price⁴		Square Footage	Projected Initial Yield⁵	Cost per Square Foot⁶

	YTD 2023	—	$	—	—	—	$	—

Multiple	Full Year 2022	44	$	253,655	4,164,864	6.1%	$	71.54

Multiple	Full Year 2021	24	$	370,977	6,380,302	6.7%	$	63.15

Multiple	Full Year 2020	27	$	243,568	5,473,596	7.8%	$	46.99

Multiple	Full Year 2019	32	$	220,115	5,776,928	8.4%	$	42.21

Multiple	Full Year 2018	24	$	164,575	2,903,699	8.2%	$	70.54

Multiple	2017 (since IPO)	36	$	173,325	5,195,563	8.4%	$	33.81

Total Acquisitions Post-IPO		187	$	1,426,215	29,894,952	7.4%	$	55.94

Portfolio statistics and acquisitions include wholly owned industrial properties only; excludes our property management office located in Columbus, Ohio.

The average contractual lease term remaining as of the close of the reporting period (in years) weighted by square footage.

Annualized base rent is calculated as monthly contracted base rent as of June 30, 2023, multiplied by 12. Excludes rent abatements.

Based on approximately 2.1 million square feet of new and renewal leases greater than six months in term. Refer to Leasing Activity in this Supplemental Information for additional details.

Represents total direct consideration paid rather than GAAP cost basis.

Weighted based on Purchase Price.

Calculated as Purchase Price divided by square footage.

Acquisitions include capitalized costs in accordance to GAAP for development properties placed in-service.

Page 3

Plymouth Industrial REIT, Inc.

Value Creation

Unaudited ($ in thousands, except RSF)

Examples of Value Creation

Lease-up / Building Refurbishment	New Industrial Development	Re-leasing / No downtime

Memphis	Atlanta	Atlanta
Executed a 312,000 SF 5-year lease with annual escalators of 3.0% at a rental rate increase of 56% over prior rents.	Acquired single-tenant industrial building in January 2020 with ~ 65 acres of developable land.	Executed an early 7-year renewal for a 194,800 SF tenant effective upon the substantial completion of capital improvements to the property.

Tenant move-out was addressed expeditiously. The building will undergo roof and fire suppression upgrades as a part of the new lease transaction.	Broke ground on new 237,000 SF building during Q2 2021 and completed development in Q1 2023 at a cost of ~$13.8M, an add'l 180,000 SF building is projected for Q3 2023 at a cost of ~$12.0M.	The estimated $1.6 million capital improvements include remodeling of restrooms, roof replacement, dock door restorations, and parking lot repairs.

The property was acquired at a going-in yield of 8.0%, which now has increased to a stabilized yield of over 11.0%.	Flexible design planned for both buildings to allow for demising. The 237,000 SF building is 100% leased.	Tenant is in place during capital improvements resulting in no downtime. Renewal rent will be a 53% net increase over the prior rental rate.

Plymouth is partnering with the Green Building Initiative to align our environmental objectives with the execution of all new development and portfolio enhancement activities.¹

Development Projects (as of 06/30/2023)

The Company has identified over 1.9 million SF of developable GLA with 260,322 SF currently under construction and 459,380 SF recently completed. The total investment in development under construction is approximately $20.9 million as of 6/30/2023 against a budget of approximately $23.9 million. The total investment in completed developments is approximately $37.2 million. The proforma stabilized cash NOI yields on development projects under construction and completed range between 7.0% - 9.0%.

		Total Rentable			Estimated
Under Construction²	# of Buildings	Square Feet (RSF)	% Leased	% Funded	Completion
Atlanta - New Calhoun II	1	180,000	Multiple prospects	99%	Q3 2023
Jacksonville - Liberty	2	80,322	100%	76%	Q3/Q4 2023
	3	260,322

		Total Rentable
Completed ³	# of Buildings	Square Feet (RSF)	% Leased	% Funded	Completed
Boston - Milliken Road	1	68,088	100%	100%	Q4 2022
Atlanta - New Calhoun I	1	236,600	100%	100%	Q1 2023
Cincinnati - Fisher Park I	1	154,692	Multiple prospects	100%	Q1 2023
	3	459,380

The Company is a member organization of the Green Building Initiative (GBI), a nonprofit organization and American National Standards Institute (ANSI) Accredited Standards Developer dedicated to reducing climate impacts by improving the built environment. Founded in 2004, the organization is the global provider of the Green Globes and federal Guiding Principles Compliance certification and assessment programs.

Under construction represents projects for which vertical construction has commenced. Refer to the Developable Land section of the Net Asset Components on page 11 of this Supplemental Information for additional details on the Company's development activities.

Completed buildings are included within portfolio occupancy and square footage metrics as of June 30, 2023.

Page 4

Plymouth Industrial REIT, Inc.

Guidance

Unaudited (in thousands, except per-share amounts)

PLYM affirmed its full year 2023 guidance ranges for Core FFO per weighted average common share and units previously issued on February 23, 2023 and adjusted its ranges for net loss per weighted average common share and units as well as several of its accompanying guidance assumptions, which can be found in the tables below.

	Full Year 2023 Range¹
	Low		High

Core FFO attributable to common stockholders and unit holders per share	$	1.84	$	1.86
Same Store Portfolio NOI growth - cash basis²		7.25%		7.75%
Average Same Store Portfolio occupancy - full year		98.4%		98.8%
General and administrative expenses³	$	15,900	$	15,500
Interest expense, net	$	39,600	$	39,000
Weighted average common shares and units outstanding⁴		44,046		44,046

Reconciliation of net loss attributable to common stockholders and unit holders per share to Core FFO guidance:

	Low			High
Net loss	$	(0.17	)	$	(0.15	)
Depreciation and amortization		2.07			2.07
Preferred stock dividends		(0.06	)		(0.06	)
	$	1.84		$	1.86

Includes non-cash stock compensation of $3.0 million for 2023.

As of July 31, 2023, the Company has 44,744,983 common shares and units outstanding.

Page 5

Plymouth Industrial REIT, Inc.

Same Store Net Operating Income (NOI)

Unaudited ($ and SF in thousands)

Same Store Portfolio Statistics

Square footage	30,989	Includes¹: wholly owned properties as of December 31, 2021; determined and set once per year for the following twelve months (refer to Glossary for Same Store definition)
Number of properties	138
Number of buildings	183
Percentage of total portfolio square footage	90.5%	Excludes: wholly owned properties classified as repositioning or lease-up during 2022 or 2023 (8 buildings representing approximately 935,000 of rentable square feet)
Occupancy at period end	98.9%

Same Store NOI - GAAP Basis

	Three Months Ended June 30,
	2023		2022		$ Change		% Change

Rental revenue	$	44,404	$	42,028	$	2,376		5.7%
Property expenses		13,856		12,543		1,313		10.5%
Same Store NOI - GAAP Basis	$	30,548	$	29,485	$	1,063		3.6%

Same Store NOI excluding early termination income - GAAP Basis	$	30,490	$	29,458	$	1,032		3.5%

	Six Months Ended June 30,
	2023		2022		$ Change		% Change

Rental revenue	$	89,059	$	85,273	$	3,786		4.4%
Property expenses		28,128		26,565		1,563		5.9%
Same Store NOI - GAAP Basis	$	60,931	$	58,708	$	2,223		3.8%

Same Store NOI excluding early termination income - GAAP Basis	$	60,713	$	58,625	$	2,088		3.6%

Same Store NOI - Cash Basis

	Three Months Ended June 30,
	2023		2022		$ Change		% Change

Rental revenue	$	43,755	$	40,731	$	3,024		7.4%
Property expenses		13,856		12,543		1,313		10.5%
Same Store NOI - Cash Basis	$	29,899	$	28,188	$	1,711		6.1%

Same Store NOI excluding early termination income - Cash Basis	$	29,841	$	28,161	$	1,680		6.0%

	Six Months Ended June 30,
	2023		2022		$ Change		% Change

Rental revenue	$	87,486	$	81,654	$	5,832		7.1%
Property expenses		28,128		26,565		1,563		5.9%
Same Store NOI - Cash Basis	$	59,358	$	55,089	$	4,269		7.7%

Same Store NOI excluding early termination income - Cash Basis	$	59,140	$	55,006	$	4,134		7.5%

For the three and six months ended June 30, 2023 and 2022, our Same Store Portfolio includes the 28-building Memphis Industrial Portfolio which we acquired the remaining 80% interest in our former unconsolidated JV on March 11, 2022.

Page 6

Plymouth Industrial REIT, Inc.

Consolidated Statements of Operations

Unaudited ($ in thousands, except per-share amounts)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022

Revenues:
Rental revenue	$	37,814		$	34,811		$	75,400		$	67,764
Tenant recoveries		12,085			10,801			23,870			20,568
Management fee revenue and other income		—			2			29			88
Total revenues	$	49,899		$	45,614		$	99,299		$	88,420

Operating expenses:
Property		15,690			13,799			31,644			27,874
Depreciation and amortization		23,417			24,208			47,217			46,899
General and administrative		3,842			4,146			7,289			7,698
Total operating expenses	$	42,949		$	42,153		$	86,150		$	82,471

Other income (expense):
Interest expense		(9,584	)		(7,925	)		(19,119	)		(14,320	)
Earnings (loss) in investment of unconsolidated joint venture¹		—			—			—			(147	)
Loss on extinguishment of debt		—			—			—			(2,176	)
(Appreciation) depreciation of warrants²		—			—			—			1,760
Total other income (expense)	$	(9,584	)	$	(7,925	)	$	(19,119	)	$	(14,883	)

Net loss	$	(2,634	)	$	(4,464	)	$	(5,970	)	$	(8,934	)

Less: Net loss attributable to non-controlling interest		(30	)		(55	)		(68	)		(115	)

Net loss attributable to Plymouth Industrial REIT, Inc.	$	(2,604	)	$	(4,409	)	$	(5,902	)	$	(8,819	)

Less: Preferred Stock dividends		916			1,320			1,832			3,019
Less: Series B Preferred Stock accretion to redemption value		—			750			—			2,250
Less: Loss on extinguishment of Series A Preferred Stock		—			24			2			24
Less: Amount allocated to participating securities		82			65			170			132

Net loss attributable to common stockholders	$	(3,602	)	$	(6,568	)	$	(7,906	)	$	(14,244	)

Net loss basic and diluted per share attributable to common stockholders	$	(0.08	)	$	(0.17	)	$	(0.19	)	$	(0.38	)

Weighted-average common shares outstanding basic and diluted		42,647			39,107			42,626			37,675

Represents our share of earnings (losses) related to our investment in an unconsolidated joint venture. The Company acquired the remaining 80% interest in our unconsolidated JV in March 2022.

Represents the change in the fair market value of our common stock warrants. On March 23, 2022, the common stock warrants were exercised in full and converted on a cashless basis, resulting in 139,940 shares of common stock.

Page 7

Plymouth Industrial REIT, Inc.
Non-GAAP Measurements

Unaudited ($ in thousands, except per-share amounts)

Consolidated NOI

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022

Net loss	$	(2,634	)	$	(4,464	)	$	(5,970	)	$	(8,934	)
General and administrative		3,842			4,146			7,289			7,698
Depreciation and amortization		23,417			24,208			47,217			46,899
Interest expense		9,584			7,925			19,119			14,320
(Earnings) loss in investment of unconsolidated joint venture¹		—			—			—			147
Loss on extinguishment of debt		—			—			—			2,176
Appreciation (depreciation) of warrants²		—			—			—			(1,760	)
Management fee revenue and other income		—			(2	)		(29	)		(88	)
Net Operating Income	$	34,209		$	31,813		$	67,626		$	60,458

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre)

Net loss	$	(2,634	)	$	(4,464	)	$	(5,970	)	$	(8,934	)
Depreciation and amortization		23,417			24,208			47,217			46,899
Interest expense		9,584			7,925			19,119			14,320
Loss on extinguishment of debt		—			—			—			2,176
Appreciation (depreciation) of warrants²		—			—			—			(1,760	)
EBITDAre	$	30,367		$	27,669		$	60,366		$	52,701
Stock compensation		716			538			1,301			980
Acquisition expenses		4			150			85			150
Pro forma effect of acquisitions/developments³		308			290			761			2,347
Adjusted EBITDA	$	31,395		$	28,647		$	62,513		$	56,178

Funds from Operations (FFO), Core FFO & Adjusted Funds from Operations (AFFO)

Net loss	$	(2,634	)	$	(4,464	)	$	(5,970	)	$	(8,934	)
Depreciation and amortization		23,417			24,208			47,217			46,899
Depreciation and amortization from unconsolidated joint venture		—			—			—			268
FFO	$	20,783		$	19,744		$	41,247		$	38,233
Preferred stock dividends		(916	)		(1,320	)		(1,832	)		(3,019	)
Acquisition expenses		4			150			85			150
Appreciation (depreciation) of warrants²		—			—			—			(1,760	)
Loss on extinguishment of debt		—			—			—			2,176
Core FFO	$	19,871		$	18,574		$	39,500		$	35,780
Amortization of debt related costs		570			527			1,138			1,032
Non-cash interest expense		158			262			452			906
Stock compensation		716			538			1,301			980
Capitalized interest		(351	)		(142	)		(686	)		(206	)
Straight line rent		(705	)		(904	)		(1,617	)		(1,726	)
Above/below market lease rents		(669	)		(545	)		(1,403	)		(2,091	)
Recurring capital expenditures⁴		(1,092	)		(1,782	)		(2,898	)		(3,455	)
AFFO	$	18,498		$	16,528		$	35,787		$	31,220

Weighted-average common shares and units outstanding		43,526			39,897			43,479			38,449

Core FFO attributable to common stockholders and unit holders per share	$	0.46		$	0.47		$	0.91		$	0.93
AFFO attributable to common stockholders and unit holders per share	$	0.42		$	0.41		$	0.82		$	0.81

Represents our share of (earnings) losses related to our investment in an unconsolidated joint venture.

Represents the estimated impact of wholly owned acquisitions and development properties as if they had been acquired or stabilized on the first day of each respective quarter in which the acquisitions occurred or developments were placed in-service. We have made a number of assumptions in such estimates and there can be no assurance that we would have generated the projected levels of EBITDA had we owned the acquired properties and/or placed the development properties in-service as of the beginning of the respective periods.

Excludes non-recurring capital expenditures of $7,640 and $14,515 for the three months ended June 30, 2023 and 2022, respectively, and $16,053 and $22,804 for the six months ended June 30 2023 and 2022 respectively.

Page 8

Plymouth Industrial REIT, Inc.

Consolidated Balance Sheets

Unaudited ($ in thousands)

	June 30, 2023			December 31, 2022
ASSETS
Real estate properties:
Land	$	231,829		$	231,829
Building and improvements		1,339,505			1,324,017
Less accumulated depreciation		(239,306	)		(205,629	)
Total real estate properties, net	$	1,332,028		$	1,350,217

Cash, cash held in escrow and restricted cash		38,517			31,213
Deferred lease intangibles, net		60,304			70,718
Interest rate swaps¹		31,180			30,115
Other assets		38,631			39,055
Total assets	$	1,500,660		$	1,521,318

LIABILITIES, PREFERRED STOCK AND EQUITY
Secured debt, net	$	386,191		$	389,531
Unsecured debt, net²		535,155			524,845
Accounts payable, accrued expenses and other liabilities		70,492			72,551
Deferred lease intangibles, net		7,179			8,918
Financing lease liability³		2,260			2,248

Total liabilities	$	1,001,277		$	998,093

Preferred stock - Series A	$	46,803		$	46,844

Equity:
Common stock	$	431		$	428
Additional paid in capital		616,414			635,068
Accumulated deficit		(200,147	)		(194,243	)
Accumulated other comprehensive income		30,792			29,739
Total stockholders' equity		447,490			470,992
Non-controlling interest		5,090			5,389
Total equity	$	452,580		$	476,381

Total liabilities, preferred stock and equity	$	1,500,660		$	1,521,318

Represents the fair value of the Company's interest rate swaps. A summary of the Company's interest rate swaps and accounting are detailed in Note 6 of our most recent Quarterly Report on Form 10-Q.

Includes borrowings under line of credit and term loans. Refer to Debt Summary in this Supplemental Information for additional details.

As of June 30, 2023, we have a single finance lease in which we are the sublessee for a ground lease with a remaining lease term of approximately 33 years. Refer to our 2023 Quarterly Report on Form 10-Q for expanded disclosure.

Page 9

Plymouth Industrial REIT, Inc.

Capital Structure and Debt Summary

Unaudited ($ in thousands, except per-share amounts) as of 6/30/2023

Debt Summary

Secured Debt:	Maturity Date	Interest Rate	Commitment	Principal Balance
AIG Loan	November-23	4.08%	$ 120,000	$ 110,357
Ohio National Life Mortgage¹	August-24	4.14%	21,000	18,732
Allianz Loan	April-26	4.07%	63,115	61,830
Nationwide Loan	October-27	2.97%	15,000	15,000
Lincoln Life Gateway Mortgage¹	January-28	3.43%	28,800	28,800
Minnesota Life Memphis Industrial Loan¹	January-28	3.15%	56,000	55,529
Midland National Life Insurance Mortgage¹	March-28	3.50%	10,820	10,769
Minnesota Life Loan	May-28	3.78%	21,500	19,796
Transamerica Loan	August-28	4.35%	78,000	66,720
Total / Weighted Average Secured Debt		3.87%	$ 414,235	$ 387,533

Unsecured Debt:
KeyBank Line of Credit	August-25	6.82%²	$ 350,000	$ 87,500
$100m KeyBank Term Loan	August-26	3.10%^2,3	100,000	100,000
$200m KeyBank Term Loan	February-27	3.13%^2,3	200,000	200,000
$150m KeyBank Term Loan	May-27	4.50%^2,3	150,000	150,000
Total / Weighted Average Unsecured Debt		4.11%	$ 800,000	$ 537,500

	June 30,	March 31,	December 31,	September 30,	June 30,
Net Debt:	2023	2023	2022	2022	2022
Total Debt⁴	$ 925,033	$ 926,959	$ 918,728	$ 910,293	$ 884,841
Less: Cash	38,517	38,432	31,213	36,253	36,066
Net Debt	$ 886,516	$ 888,527	$ 887,515	$ 874,040	$ 848,775

Capitalization

	June 30,	March 31,	December 31,	September 30,	June 30,
	2023	2023	2022	2022	2022
Common Shares and Units Outstanding⁵	43,591	43,521	43,339	43,339	40,623
Closing Price (as of period end)	$ 23.02	$ 21.01	$ 19.18	$ 16.81	$ 17.54
Market Value of Common Shares⁶	$ 1,003,465	$ 914,376	$ 831,242	$ 728,529	$ 712,527
Preferred Stock - Series A (at liquidation preference)	48,845	48,845	48,888	49,311	50,179
Preferred Stock - Series B (at liquidation preference)⁸	-	-	-	-	50,765
Total Market Capitalization^6,7	$ 1,977,343	$ 1,890,180	$ 1,798,858	$ 1,688,133	$ 1,698,312

Dividend / Share (annualized)	$ 0.90	$ 0.90	$ 0.88	$ 0.88	$ 0.88
Dividend Yield (annualized)	3.9%	4.3%	4.6%	5.2%	5.0%
Total Debt-to-Total Market Capitalization	46.8%	49.0%	51.1%	53.9%	52.1%
Secured Debt as a % of Total Debt	41.9%	42.0%	42.6%	43.2%	44.6%
Unsecured Debt as a % of Total Debt	58.1%	58.0%	57.4%	56.8%	55.4%
Net Debt-to-Annualized Adjusted EBITDA (quarter annualized)	7.1x	7.1x	7.3x	7.3x	7.4x
Net Debt plus Preferred-to-Annualized Adjusted EBITDA (quarter annualized)	7.4x	7.5x	7.7x	7.7x	8.3x
Weighted Average Maturity of Total Debt (years)	3.2	3.4	3.7	4.0	4.2

Capital Markets Activity

Common Shares	Avg. Price	Offering	Period	Net Proceeds
—	$ -	N/A	Q1 2023	$ —
70,000	$ 23.16	ATM	Q2 2023	$ 1,385
1,140,600	$ 23.05	ATM	Q3 2023	$ 25,682

Refer to Glossary in this Supplemental Information for definitions of non-GAAP financial measures, including Net debt and Net debt plus preferred-to-Adjusted EBITDA.

Debt assumed at acquisition.

For the month of June 2023, the one-month term SOFR for our unsecured debt and borrowings under line of credit was 5.172%. The spread over the applicable rate for the $100m, $150m, and $200m KeyBank Term Loans and KeyBank unsecured line of credit is based on the Company’s total leverage ratio plus the 0.1% SOFR index adjustment.

As of June 30, 2023, the one-month term SOFR for the $100m, $150m and $200m KeyBank Term Loans was swapped to a fixed rate of 1.504%, 2.904%, and 1.527%, respectively. See Notes 5 and 6 of our most recent Quarterly Report on Form 10-Q for additional disclosure.

Total Debt is not adjusted for the amortization of debt issuance costs or fair market premiums or discounts.

Common shares and units outstanding were 43,101 and 490 as of June 30, 2023, respectively, and 36,111 and 490 for the year ended December 31, 2022, respectively.

Based on closing price as of last trading day of the quarter and common shares and units as of the period ended.

Market value of shares and units plus total debt and preferred stock as of period end.

On April 29, 2022, 2,205,882 shares of the Company’s Series B Convertible Redeemable Preferred Stock were converted to our common stock on a one-to-one basis. On August 12, 2022, the holder of the Company's Series B Convertible Redeemable Preferred Stock informed the Company that it had elected to convert the remaining 2,205,882 shares of Series B Convertible Redeemable Preferred Stock into the Company's common stock.

Page 10

Plymouth Industrial REIT, Inc.

Net Asset Value Components

Unaudited ($ in thousands) as of 6/30/2023

Net Operating Income			Developable Land

		Three Months Ended		Owned	Developable	Under	Est. Investment /	Under
		June 30, 2023	Market	Land (acres)⁴	GLA (SF)⁴	Construction (SF)⁵	Est. Completion	Development (SF)⁵
	Pro Forma Net Operating Income (NOI)		Atlanta	52	380,400	180,000	$12.0M/Q3 '23	-
	Total Operating NOI	$ 34,209	Chicago	11	220,000	-		-
	Pro Forma Effect of New Lease Activity¹	620	Cincinnati	18	285,308	-		285,308
	Pro Forma Effect of Acquisitions²	-	Jacksonville	15	176,000	80,322	$11.9M/Q4 '23	95,678
	Pro Forma Effect of Repositioning / Development³	956	Memphis	23	475,000	-		-
	Pro Forma NOI	$ 35,785	St. Louis	31	300,000	-		-
			Charlotte	6	100,000	-		-
	Amortization of above / below market lease intangibles, net	(669)		156	1,936,708	260,322		380,986
	Straight-line rental revenue adjustment	(705)
	Pro Forma Cash NOI	$ 34,411

Other Assets and Liabilities

	Cash, cash held in escrow and restricted cash	$ 38,517
	Other assets	$ 38,631
	CIP related to development properties	$ 25,271
	Accounts payable, accrued expenses and other liabilities	$ 70,492

Debt and Preferred Stock

	Secured Debt	$ 387,533
	Unsecured Debt	$ 537,500
	Preferred Stock - Series A⁶	$ 48,845

	Common shares and units outstanding⁷	43,591

We have made a number of assumptions with respect to the pro forma effects and there can be no assurance that we would have generated the projected levels of NOI had we actually owned the acquired properties and / or fully stabilized the repositioning / development properties as of the beginning of the period. Refer to Glossary in this Supplemental Information for a definition and discussion of non-GAAP financial measures.

Represents the estimated incremental base rents from uncommenced new leases as if rent commencement had occurred as of the beginning of the period.

Represents the estimated impact of acquisitions as if they had been acquired at the beginning of the period.

Represents the estimated impact of properties that are undergoing repositioning or lease-up and development properties placed in-service as if the properties were stabilized and rents had commenced as of the beginning of the period.

Developable land represents acreage currently owned by us and identified for potential development. The developable gross leasable area (GLA) is based on the developable land area and a land to building ratio. Developable land and GLA are estimated and can change periodically due to changes in site design, road and storm water requirements, parking requirements and other factors. We have made a number of assumptions in such estimates and there can be no assurance that we will develop land that we own.

Under construction represents projects for which vertical construction has commenced. Under development represents projects in the pre-construction phase.

Preferred Stock is calculated at its liquidation preference as of the end of the period.

Common shares and units outstanding were 43,101 and 490, respectively, as of June 30, 2023.

Page 11

Plymouth Industrial REIT, Inc.

Leasing Activity and Expirations

Unaudited as of 6/30/2023

Lease Renewals and New Leases¹

Year	Type	Square Footage	Percent	Expiring Rent	New Rent	% Change	Tenant Improvements $/SF/YR	Lease Commissions $/SF/YR

2020	Renewals	1,881,346	71.1%	$ 3.75	$ 3.93	4.8%	$ 0.13	$ 0.08
	New Leases	764,314	28.9%	$ 4.31	$ 5.07	17.6%	$ 0.24	$ 0.19
	Total	2,645,660	100%	$ 3.92	$ 4.26	8.7%	$ 0.16	$ 0.11

2021	Renewals	2,487,589	49.3%	$ 4.25	$ 4.50	5.9%	$ 0.19	$ 0.10
	New Leases	2,557,312	50.7%	$ 3.76	$ 4.40	17.0%	$ 0.23	$ 0.22
	Total	5,044,901	100%	$ 4.00	$ 4.45	11.1%	$ 0.21	$ 0.16

2022	Renewals	4,602,355	60.2%	$ 4.31	$ 4.87	13.1%	$ 0.15	$ 0.16
	New Leases	3,041,526	39.8%	$ 3.51	$ 4.51	28.6%	$ 0.40	$ 0.23
	Total	7,643,881	100%	$ 3.99	$ 4.73	18.5%	$ 0.25	$ 0.19

Q1 2023	Renewals	645,885	84.0%	$ 4.62	$ 5.16	11.7%	$ 0.14	$ 0.15
	New Leases	123,081	16.0%	$ 4.56	$ 6.29	37.9%	$ 0.69	$ 0.27
	Total	768,966	100%	$ 4.61	$ 5.34	15.9%	$ 0.23	$ 0.17

Q2 2023	Renewals	1,440,165	68.5%	$ 3.47	$ 3.86	11.2%	$ 0.09	$ 0.10
	New Leases	662,930	31.5%	$ 3.61	$ 4.92	36.0%	$ 0.19	$ 0.37
	Total	2,103,095	100%	$ 3.52	$ 4.20	19.3%	$ 0.12	$ 0.17

YTD 2023²	Renewals	2,086,050	72.6%	$ 3.83	$ 4.27	11.5%	$ 0.10	$ 0.11
	New Leases	786,011	27.4%	$ 3.76	$ 5.13	36.4%	$ 0.27	$ 0.35
	Total	2,872,061	100%	$ 3.81	$ 4.50	18.1%	$ 0.16	$ 0.17

Lease Expiration Schedule

	Year	Square Footage	ABR³	% of ABR Expiring⁴
	Available	679,335	$ -	-
	2023	899,954	4,304,077	2.9%
	2024	6,015,144	26,059,172	17.6%
	2025	7,563,951	32,864,122	22.2%
	2026	4,940,910	23,398,434	15.8%
	2027	4,266,208	19,465,835	13.2%
	Thereafter	9,862,463	41,902,382	28.3%
	Total	34,227,965	$ 147,994,022	100%

Lease renewals and new lease activity excludes leases with terms less than six months.

Executed leases scheduled to commence during 2023, which includes the second quarter activity, total an aggregate of 4,719,317 square feet, all of which are associated with terms of at least six months. The Company will experience a 19.9% increase in rental rates on a cash basis from these leases.

Annualized base rent is calculated as monthly contracted base rent as of June 30, 2023, multiplied by 12. Excludes rent abatements.

Calculated as annualized base rent set forth in this table divided by total annualized base rent as of June 30, 2023.

Page 12

Plymouth Industrial REIT, Inc.

Leased Square Feet and Annualized Base Rent by Tenant Industry

Unaudited as of 6/30/2023

Industry	Total Leased Square Feet	# of Leases	% Rentable Square Feet	ABR¹	% ABR	ABR Per Square Foot
Logistics & Transportation	9,929,780	89	29.5%	39,899,128	27.0%	$ 4.02
Automotive	2,515,942	30	7.5%	11,794,541	8.0%	4.69
Wholesale/Retail	2,266,647	29	6.8%	10,395,912	7.0%	4.59
Food & Beverage	1,872,092	16	5.6%	7,219,512	4.9%	3.86
Printing & Paper	1,841,386	18	5.5%	6,264,031	4.2%	3.40
Home & Garden	1,763,027	19	5.3%	7,177,406	4.8%	4.07
Construction	1,747,418	41	5.2%	7,730,028	5.2%	4.42
Cardboard and Packaging	1,592,044	24	4.7%	7,674,786	5.2%	4.82
Light Manufacturing	1,234,493	12	3.7%	4,431,214	3.0%	3.59
Education	925,840	8	2.8%	4,464,571	3.0%	4.82
Other Industries*	7,859,961	230	23.4%	40,942,893	27.7%	5.21
Total	33,548,630	516	100.0%	$ 147,994,022	100.0%	$ 4.41

*Other Industries	Total Leased Square Feet	# of Leases	% Rentable Square Feet	ABR¹	% ABR	ABR Per Square Foot
Healthcare	914,561	38	2.7%	5,381,671	3.6%	$ 5.88
Plastics	892,408	12	2.6%	4,102,827	2.8%	4.60
Industrial Equipment Components	799,223	22	2.4%	3,463,194	2.3%	4.33
Metal Fabrication/Finishing	639,114	10	1.9%	3,070,019	2.1%	4.80
Technology & Electronics	563,949	22	1.7%	3,554,401	2.4%	6.30
Chemical	527,632	9	1.6%	2,091,723	1.4%	3.96
Storage	520,540	10	1.6%	2,887,481	2.0%	5.55
Aero Space	455,605	3	1.4%	1,429,391	1.0%	3.14
Business Services	441,385	25	1.3%	3,501,044	2.4%	7.93
Plumbing Equipment/Services	404,712	7	1.2%	1,555,110	1.1%	3.84
Other²	1,700,832	72	5.0%	9,906,032	6.6%	5.82
Total	7,859,961	230	23.4%	$ 40,942,893	27.7%	$ 5.21

Annualized base rent is calculated as monthly contracted base rent as of June 30, 2023, multiplied by 12. Excludes rent abatements.

Includes tenant industries for which the total leased square feet aggregates to less than 300,000 square feet.

Page 13

Plymouth Industrial REIT, Inc.

Leased Square Feet and Annualized Base Rent by Type

Unaudited as of 6/30/2023

Leased Square Feet and Annualized Base Rent by Lease Type

Lease Type	Total Leased Square Feet	# of Leases	% Leased Square Feet	ABR¹	% ABR	ABR Per Square Foot
Triple Net	27,618,584	408	82.3%	$ 118,554,927	80.1%	$ 4.29
Modified Net	2,923,181	51	8.7%	$ 14,518,213	9.8%	4.97
Gross	3,006,865	57	9.0%	$ 14,920,882	10.1%	4.96
Total	33,548,630	516	100.0%	$ 147,994,022	100.0%	$ 4.41

Leased Square Feet and Annualized Base Rent by Tenant Type

Tenant Type	Total Leased Square Feet	# of Leases	% Leased Square Feet	ABR¹	% ABR	ABR Per Square Foot
Multi-Tenant	16,870,885	412	50.3%	$ 81,089,228	54.8%	$ 4.81
Single-Tenant	16,677,745	104	49.7%	66,904,794	45.2%	4.01
Total	33,548,630	516	100.0%	$ 147,994,022	100.0%	$ 4.41

Leased Square Feet and Annualized Base Rent by Building Type

Building Type	Total Leased Square Feet	# of Buildings	% Leased Square Feet	ABR¹	% ABR	ABR Per Square Foot
Warehouse/Distribution	21,629,965	119	64.4%	$ 85,057,707	57.4%	$ 3.93
Warehouse/Light Manufacturing	8,646,755	41	25.8%	38,562,855	26.1%	4.46
Small Bay Industrial²	3,271,910	50	9.8%	24,373,460	16.5%	7.45
Total	33,548,630	210	100.0%	$ 147,994,022	100.0%	$ 4.41

Annualized base rent is calculated as monthly contracted base rent as of June 30, 2023, multiplied by 12. Excludes rent abatements.

Small bay industrial is inclusive of flex space totaling 529,693 leased square feet and annualized base rent of $6,360,062. Small bay industrial is multipurpose space; flex space includes office space that accounts for greater than 50% of the total rentable area.

Page 14

Plymouth Industrial REIT, Inc.

Top 10 Tenants by Annualized Base Rent

Unaudited as of 6/30/2023

Tenant	Market	Industry	# of Leases	Total Leased Square Feet	Expiration	ABR Per Square Foot	ABR¹	% Total ABR
FedEx Supply Chain, Inc.	St. Louis	Logistics & Transportation	1	769,500	7/31/2024	$ 4.50	$ 3,461,981	2.3%
Geodis Logistics, LLC	St. Louis	Logistics & Transportation	1	624,159	8/31/2025	4.25	2,652,676	1.8%
Royal Canin U.S.A, Inc.	St. Louis	Wholesale/Retail	1	521,171	5/31/2025	4.75	2,475,562	1.7%
Houghton Mifflin Harcourt Company	Chicago	Education	1	513,512	3/31/2026	4.56	2,341,615	1.6%
Archway Marketing Holdings, Inc.	Chicago	Logistics & Transportation	3	503,000	3/31/2026	4.51	2,268,180	1.5%
ODW Logistics, Inc.	Columbus	Logistics & Transportation	1	772,450	6/30/2025	2.93	2,261,284	1.5%
ASW Supply Chain Services, LLC⁵	Cleveland	Logistics & Transportation	5	577,237	11/30/2027	3.58	2,065,130	1.4%
Balta US, Inc.	Jacksonville	Home & Garden	2	629,084	12/31/2028	3.13	1,968,631	1.3%
Communications Test Design, Inc.	Memphis	Logistics & Transportation	2	566,281	12/31/2024	3.34	1,892,967	1.3%
Winston Products, LLC	Cleveland	Automotive	2	266,803	4/30/2032	6.94	1,852,295	1.3%
Total Largest Tenants by Annualized Rent			19	5,743,197		$ 4.05	$ 23,240,321	15.7%
All Other Tenants			497	27,805,433		$ 4.49	$ 124,753,701	84.3%
Total Company Portfolio			516	33,548,630		$ 4.41	$ 147,994,022	100.0%

Lease Segmentation by Size

Square Feet	# of Leases	Total Leased Square Feet	Total Rentable Square Feet	Total Leased %	Total Leased % Excluding Repositioning²	ABR¹	In-Place + Uncommenced ABR³	% of Total In-Place + Uncommenced ABR	In-Place + Uncommenced ABR Per SF⁴
< 4,999	65	180,137	240,066	75.0%	76.9%	$ 1,738,933	$ 1,738,933	1.2%	$ 9.65
5,000 - 9,999	76	541,468	616,330	87.9%	89.5%	4,581,577	4,679,077	3.2%	8.52
10,000 - 24,999	111	1,876,783	1,994,020	94.1%	95.7%	13,466,676	13,466,676	9.1%	7.09
25,000 - 49,999	93	3,269,922	3,379,039	96.8%	96.7%	18,683,731	18,683,731	12.6%	5.71
50,000 - 99,999	75	5,227,730	5,289,676	98.8%	98.8%	23,325,913	23,325,913	15.8%	4.46
100,000 - 249,999	66	10,735,172	10,991,416	97.7%	98.5%	44,317,121	44,317,122	29.8%	4.13
> 250,000	30	11,717,418	11,717,418	100.0%	100.0%	41,880,071	41,880,071	28.3%	3.57
Total / Weighted Average	516	33,548,630	34,227,965	98.0%	98.4%	$ 147,994,022	$ 148,091,523	100.0%	$ 4.41

Annualized base rent is calculated as monthly contracted base rent as of June 30, 2023, multiplied by 12. Excludes rent abatements.

Total Leased % Excluding Repositioning excludes vacant square footage being refurbished or repositioned.

In-Place + Uncommenced ABR calculated as in-place current annualized base rent as of June 30, 2023 plus annualized base rent for leases signed but not commenced as of June 30, 2023.

In-Place + Uncommenced ABR per SF is calculated as in-place current rent annualized base rent as of June 30, 2023 plus annualized base rent for leases signed but not commenced as of June 30, 2023, divided by leased square feet plus uncommenced leased square feet.

Inclusive of a single 44,800 square feet lease set to expire on December 31, 2023. The remaining balance of the square footage has an expiration date of November 30, 2027.

Page 15

Plymouth Industrial REIT, Inc.

Rentable Square Feet and Annualized Base Rent by Market

Unaudited ($ in thousands) as of 6/30/2023

Primary Markets¹

				Total Rentable	% Rentable
	# of Properties	# of Buildings	Occupancy	Square Feet	Square Feet	ABR²	% ABR
Atlanta	10	12	99.9%	1,906,835	5.6%	$ 8,343	5.6%
Chicago	40	41	97.9%	6,930,887	20.2%	30,600	20.7%

Secondary Markets¹

				Total Rentable	% Rentable
	# of Properties	# of Buildings	Occupancy	Square Feet	Square Feet	ABR²	% ABR
Boston	1	2	100.0%	268,713	0.8%	$ 2,109	1.4%
Charlotte	1	1	100.0%	155,220	0.5%	1,184	0.8%
Cincinnati³	10	12	92.7%	2,710,964	7.9%	10,161	6.9%
Cleveland	16	19	98.8%	3,979,209	11.6%	18,418	12.4%
Columbus	15	15	99.5%	3,757,614	11.0%	13,260	9.0%
Indianapolis	17	17	98.3%	4,085,169	11.9%	15,290	10.3%
Jacksonville	8	26	98.5%	2,052,074	6.0%	14,220	9.6%
Kansas City	1	1	100.0%	221,911	0.6%	833	0.6%
Memphis	25	49	97.0%	4,783,046	14.0%	17,567	11.9%
Philadelphia	1	1	99.8%	156,634	0.5%	1,051	0.7%
St. Louis	12	14	99.4%	3,219,689	9.4%	14,958	10.1%
Total	157	210	98.0%	34,227,965	100.0%	$ 147,994	100.0%

Total Acquisition and Replacement Cost by Market

Market	State	# of Buildings	Total Acquisition Cost⁴	Gross Real Estate Assets⁵	% Gross Real Estate Assets	Replacement Cost⁶
Atlanta	GA	12	$ 99,498	$ 94,117	6.1%	$ 154,583
Chicago	IL, IN, WI	41	290,026	283,156	18.4%	748,811
Boston	ME	2	19,023	19,054	1.2%	40,729
Charlotte	NC	1	20,400	18,999	1.2%	20,821
Cincinnati	OH, KY	12	106,705	108,617	7.1%	190,851
Cleveland	OH	19	201,550	190,490	12.4%	362,436
Columbus	OH	15	157,624	148,519	9.7%	293,943
Indianapolis	IN	17	149,251	141,409	9.2%	356,416
Jacksonville	FL, GA	26	147,950	136,016	8.8%	207,038
Kansas City	MO	1	8,600	9,052	0.6%	20,451
Memphis	MS, TN	49	185,407	178,968	11.6%	349,852
Philadelphia	NJ	1	9,700	8,729	0.6%	14,912
St. Louis	IL, MO	14	213,787	201,261	13.1%	325,818
Total		210	$ 1,609,521	$ 1,538,387	100.0%	$ 3,086,661

Primary markets means the following two metropolitan areas in the U.S., each generally consisting of more than 300 million square feet of industrial space: Chicago and Atlanta. Secondary markets means non-primary markets, each generally consisting of between 100 million and 300 million square feet of industrial space, including the following metropolitan areas in the U.S.: Boston, Charlotte, Cincinnati, Cleveland, Columbus, Indianapolis, Jacksonville, Kansas City, Memphis, Milwaukee, Philadelphia, South Florida, and St. Louis. Our definitions of primary and secondary markets may vary from the definitions of these terms used by investors, analysts, or other industrial REITs.

Annualized base rent is calculated as monthly contracted base rent as of June 30, 2023, multiplied by 12. Excludes rent abatements.

During Q1 2023, the 154,692 square feet development property was placed in-service.

Represents total direct consideration paid prior to the allocations per U.S. GAAP and the allocated costs in accordance to GAAP of development properties placed in-service.

The gross book value of real estate assets as of June 30, 2023 excludes development projects of $25,167, $2,427 in leasehold improvements and assets related to corporate activities, our regional property management office in Columbus of $4,495, and the finance lease right-of-use asset of $858 related to the ground sublease at 2100 International Parkway. Gross book value of real estate assets excludes depreciation and the allocation of the acquisition cost related to intangible assets and liabilities required by U.S. GAAP.

Replacement cost is based on the Marshall & Swift valuation methodology for the determination of building costs. Replacement cost includes land reflected at the allocated cost in accordance with GAAP.

Page 16

Plymouth Industrial REIT, Inc.

Glossary

This glossary contains additional details for sections throughout this Supplemental Information, including explanations and reconciliations of certain non-GAAP financial measures, and the reasons why we use these supplemental measures of performance and believe they provide useful information to investors. Additional detail can be found in our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as other documents filed with or furnished to the SEC from time to time.

Non-GAAP Financial Measures Definitions:

Net Operating Income (NOI): We consider net operating income, or NOI, to be an appropriate supplemental measure to net income in that it helps both investors and management understand the core operations of our properties. We define NOI as total revenue (including rental revenue and tenant reimbursements) less property-level operating expenses. NOI excludes depreciation and amortization, general and administrative expenses, impairments, gain/loss on sale of real estate, interest expense, and other non-operating items.

Cash Net Operating Income - (Cash NOI): We define Cash NOI as NOI excluding straight-line rent adjustments and amortization of above and below market leases.

EBITDAre and Adjusted EBITDA: We define earnings before interest, taxes, depreciation and amortization for real estate in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre represents net income (loss), computed in accordance with GAAP, before interest expense, tax, depreciation and amortization, gains or losses on the sale of rental property, appreciation/(depreciation) of warrants, loss on impairments, and loss on extinguishment of debt. We calculate Adjusted EBITDA by adding or subtracting from EBITDAre the following items: (i) non-cash stock compensation, (ii) gain (loss) on extinguishment of debt, (iii) acquisition expenses (iv) the proforma impacts of acquisition, dispositions and developments and (v) non-cash impairments on real estate lease. We believe that EBITDAre and Adjusted EBITDA are helpful to investors as supplemental measures of our operating performance as a real estate company as they are direct measures of the actual operating results of our industrial properties. EBITDAre and Adjusted EBITDA should not be used as measures of our liquidity and may not be comparable to how other REITs' calculate EBITDAre and Adjusted EBITDA.

Funds From Operations ("FFO"): Funds from operations, or FFO, is a non-GAAP financial measure that is widely recognized as a measure of REIT operating performance. We consider FFO to be an appropriate supplemental measure of our operating performance as it is based on a net income analysis of property portfolio performance that excludes non-cash items such as depreciation. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values rise and fall with market conditions, presentations of operating results for a REIT using historical accounting for depreciation could be less informative. In December 2018, NAREIT issued a white paper restating the definition of FFO. The purpose of the restatement was not to change the fundamental definition of FFO, but to clarify existing NAREIT guidance. The restated definition of FFO is as follows: Net Income (calculated in accordance with GAAP), excluding: (i) Depreciation and amortization related to real estate, (ii) Gains and losses from the sale of certain real estate assets, (iii) Gain and losses from change in control, and (iv) Impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. We define FFO consistent with the NAREIT definition. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. Other equity REITs may not calculate FFO as we do, and accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity, and is not indicative of funds available for our cash needs, including our ability to pay dividends.

Core Funds from Operations (“Core FFO”): Core FFO represents FFO reduced by dividends paid (or declared) to holders of our preferred stock, acquisition and transaction related costs for transactions not completed, and excludes certain non-cash operating expenses such as impairment on real estate lease, appreciation/(depreciation) of warrants and loss on extinguishment of debt. As with FFO, our reported Core FFO may not be comparable to other REITs’ Core FFO, should not be used as a measure of our liquidity, and is not indicative of our funds available for our cash needs, including our ability to pay dividends.

Adjusted Funds from Operations attributable to common stockholders (“AFFO”): Adjusted funds from operations, or AFFO, is presented in addition to Core FFO. AFFO is defined as Core FFO, excluding certain non-cash operating revenues and expenses, capitalized interest, and recurring capitalized expenditures. Recurring capitalized expenditures include expenditures required to maintain and re-tenant our properties, tenant improvements and leasing commissions. AFFO further adjusts Core FFO for certain other non-cash items, including the amortization or accretion of above or below market rents included in revenues, straight line rent adjustments, non-cash equity compensation and non-cash interest expense. We believe AFFO provides a useful supplemental measure of our operating performance because it provides a consistent comparison of our operating performance across time periods that is comparable for each type of real estate investment and is consistent with management’s analysis of the operating performance of our properties. As a result, we believe that the use of AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance. As a result, we believe that the use of AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance. As with Core FFO, our reported AFFO may not be comparable to other REITs’ AFFO, should not be used as a measure of our liquidity, and is not indicative of our funds available for our cash needs, including our ability to pay dividends.

Net Debt and Preferred Stock to Adjusted EBITDA: Net debt and preferred stock to Adjusted EBITDA is a non-GAAP financial measure that we believe is useful to investors as a supplemental measure in evaluating balance sheet leverage. Net debt and preferred stock is equal to the sum of total consolidated and our pro rata share of unconsolidated joint venture debt less cash, cash equivalents, and restricted cash, plus preferred stock calculated at its liquidation preference as of the end of the period.

Page 17

Plymouth Industrial REIT, Inc.

Glossary

Other Definitions:

GAAP: U.S. generally accepted accounting principles.

Lease Type: We define our triple net leases in that the tenant is responsible for all aspects of and costs related to the property and its operation during the lease term. We define our modified net leases in that the landlord is responsible for some property related expenses during the lease term, but the cost of most of the expenses is passed through to the tenant. We define our gross leases in that the landlord is responsible for all aspects of and costs related to the property and its operation during the lease term.

Non-Recurring Capital Expenditures: Non-recurring capital expenditures include capital expenditures of long lived improvements required to upgrade/replace existing systems or items that previously did not exist. Non-recurring capital expenditures also include costs associated with repositioning a property, redevelopment/development and capital improvements known at the time of acquisition.

Occupancy: We define occupancy as the percentage of total leasable square footage as the earlier of lease term commencement or revenue recognition in accordance to GAAP as of the close of the reporting period.

Recurring Capital Expenditures: Recurring capitalized expenditures includes capital expenditures required to maintain and re-tenant our buildings, tenant improvements and leasing commissions.

Replacement Cost: is based on the Marshall & Swift valuation methodology for the determination of building costs. The Marshall & Swift building cost data and analysis is widely recognized within the U.S. legal system and has been written into in law in over 30 U.S. states and recognized in the U.S. Treasury Department Internal Revenue Service Publication. Replacement cost includes land reflected at the allocated cost in accordance with Financial Accounting Standards Board ("FASB") ASC 805.

Same Store Portfolio: The Same Store Portfolio is a subset of the consolidated portfolio and includes properties that are wholly owned by the Company as of December 31, 2021. The Same Store Portfolio is evaluated and defined on an annual basis based on the growth and size of the consolidated portfolio. The Same Store Portfolio excludes properties that were or will be classified as repositioning or lease-up during 2022 and 2023. For 2023, the Same Store Portfolio consists of 138 properties aggregating 31.0 million rentable square feet. Properties that are being repositioned generally are defined as those properties where a significant amount of space is held vacant in order to implement capital improvements that enhance the functionality, rental cash flows, and value of that property. We define a significant amount of space at a property using both the size of the space and its proportion to the properties total square footage as a determinate. Our computation of same store NOI may not be comparable to other REITs.

Weighted Average Lease Term Remaining: The average contractual lease term remaining as of the close of the reporting period (in years) weighted by square footage.

Page 18

Cover	Aug. 03, 2023
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 03, 2023
Entity File Number	001-38106
Entity Registrant Name	PLYMOUTH INDUSTRIAL REIT, INC.
Entity Central Index Key	0001515816
Entity Tax Identification Number	27-5466153
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	20 Custom House Street
Entity Address, Address Line Two	11th Floor
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	(617)
Local Phone Number	340-3814
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock, par value $0.01 per share
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	PLYM
Security Exchange Name	NYSE
7.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Title of 12(b) Security	7.50% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	PLYM-PrA
Security Exchange Name	NYSEAMER